IslamicFinance.de

Egypt said on Sunday it expected to receive around $425 million in funding from the Islamic Development Bank to develop an oil refinery in Assiut and an airport in the Red Sea resort of Sharm el-Sheikh. The first agreement is for $198 million earmarked for the refinery. A further $226.8 million (not $8.23 million) will go towards the first phase of the Sharm el-Sheikh airport project. Egypt has requested a further $223.2 million for the second phase of the project. The Islamic Development Bank made financing contributions worth about $1.85 billion in Egypt between July 2013 and August 2014. The country will also seek external sources of funding for other development projects.